Expert Review
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Swiftnaira
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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SpeedLoan
Instead of simple reminders, they might send SMS messages to your contacts, indicating that you owe them funds. Furthermore, they may escalate their approach by sending derogatory messages to your WhatsApp contacts, often starting just one day after your payment is due.
These platforms typically offer repayment plans ranging from 6 to 14 days, which can pose challenges for many borrowers. What exacerbates the situation is the high overdue interest they impose, ranging from 2% to 7% per day. This can quickly accumulate, pushing borrowers further into debt.
It's essential to recognize that these platforms operate without the necessary licensing. Therefore, their only leverage is to damage your reputation through defamation tactics. It's advisable not to comply with their demands once they resort to such measures, as this only serves to further enrich them.
Moreover, borrowing from other loan apps to repay them is not a viable solution. Given the interconnected nature of these apps, attempting to borrow from one to pay off another often results in a vicious cycle of debt accumulation.
To mitigate the impact of these platforms, consider installing Truecaller on your mobile device. This tool can help identify incoming calls, allowing you to avoid them and block their contacts. Additionally, if you encounter such practices, it's crucial to block them on WhatsApp and report them directly to WhatsApp and Google Play Store.
Ultimately, the most effective solution to break free from the clutches of loan sharks like SpeedLoan is to cease borrowing from them altogether. Remember, you managed before they entered the picture, and with determination, you can find alternative means to sustain yourself. Protect your integrity and financial well-being by avoiding these predatory practices.
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Loannaira
They'll shoot off SMS to your contacts, saying you owe them money.
Brace yourself for a barrage of nasty WhatsApp messages if you're just a day late.
Their repayment plans usually last between 6 to 14 days, making it a real struggle to pay up.
Expect overdue interest rates of 5% to 7% per day, pushing you deeper into debt.
Don't bother paying them back once they tarnish your name. They've already got what they wanted.
Since they're not licensed, they can't take legal action against you. Their only weapon is to smear your reputation.
Avoid borrowing from other loan apps to settle your debts; you'll only dig yourself into a deeper hole.
Use Truecaller to screen and block their calls, sparing yourself unnecessary stress.
The best way to break free from loan sharks is to stop borrowing altogether.
Block them on WhatsApp and report them directly to WhatsApp and Google Play Store to protect others from falling into the same trap.
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Hifund
- SMS Spam: Ease Credit may bombard your contacts with messages claiming you owe them money.
- WhatsApp Harassment: Be prepared for a flood of aggressive WhatsApp messages, even if you're just a day late.
- Short Repayment Periods: Their repayment plans typically last between 6 to 14 days, making repayment a real challenge.
- High Interest Rates: Expect daily interest rates of 5% to 7%, pushing you further into debt with each passing day.
- No Accountability: Once they tarnish your reputation, they won't hesitate to abandon you. They've already achieved their goal.
- No Legal Authority: Since they lack proper licensing, they're unable to take legal action against you. Instead, they resort to damaging your reputation.
- Avoiding Other Loans: Don't compound your problems by borrowing from other loan apps to pay them off. It only worsens the situation.
- Use Truecaller: Screen and block their calls using Truecaller to alleviate unnecessary stress.
- Break the Cycle: The best way to escape from loan sharks is to break free from borrowing altogether.
- Take Action: Block them on WhatsApp and report their behavior to WhatsApp and Google Play Store to protect others from falling victim to the same tactics.
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What you should know
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Any loan sharks that defame are never linked to the credit bureau in anyway and all they say to you are lies.
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Loan shark money cannot help solve anybody matter to better 40% - 70% in 7 days, they are simply misery compounders!! Do away with them.
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Loan Apps major aim is to make outrageous profit from people and render people bankrupt. Dont be a victim
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